On January 1, Stanley Shawwa, chief investment officer of Simon Property Group, will become the interim CEO of JCPenney, the company’s fourth in six years.
Although Soltau, former Joann CEO and veteran retail leader, has said her improvement plan has started to work, time is up. Covid-19 has thrown the entire retail business into distress, decimating struggling retailers like JCPenney.
But its prospects remain dim. The company has closed stores left and right and has not recorded an annual profit since 2010.
JCPenney’s new owners said they will look for a new CEO “focused on modern retail, consumer experience, and the goal of creating a sustainable and enduring JCPenney.” Apparently, they couldn’t believe this was Solo’s generation.